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Technical analysis EUR/USD, GBP/USD and USD/JPY 23 August 2013

EUR/USD

Just as expected, the pair has tested the support level of 1.3300. The bears were not strong enough and the pair has pulled back up. The price is now at 1.3350/60. The indicators show an increasing bearish sentiment, which supports additional attempts to break the support level of 1.3300. The previous forecasts remain relevant: breaching the level of 1.3300 will signal a weakening bullish power. Breaching the support at 1.3200/1.3190 will indicate a reversal in the downtrend. Meanwhile, before the price falls below these key levels, the growth resumption is also expected. Should the price rise above 1.3400/10, this will indicate a resumed rise to the previous target at 1.3500/1.3480.

GBP/USD

The bears failed to cross the support level of 1.5570/60. This obstacle on the way down didn’t let the price continue its fall and caused a pullback up. The pair is now trading at 1.5620/30. The indicators support a change into a bearish sentiment. Given this signal, we can expect repeated attempts to break the support level of 1.5560/70. Crossing this obstacle will indicate the possibility of changing the sentiment into bearish; breaking the key support range of 1.5400 -1.5350/60 will signal a reversal to a medium-term bearish trend. Before seeing the reversal signals, we can also expect the growth resumption with the targets set at the new local highs at 1.5740/50.

USD/JPY

The pair has confirmed the growth forecasts mentioned in the previous analysis, which resulted in a change in the market sentiment: the price began to rise and tested the first target at the level of 99.00/10. The failure caused a pullback to 98.80, where the price is trading now. The indicators support further bullish momentum. In this situation, we can expect that the price will rise to the next target at 100.00. We should also consider that the stop can be caused by the resistance level of 99.50, which now coincides with one of the uptrend lines (blue line).

Friday, 23 Aug, 2013 / 12:00

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-usdjpy-23-august-2013/

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